Details, Details: Economy Contracts for First Time in 3½ Years on Defense-Spending Cuts

So you know what is being cut…. Not the moochers and looters handouts. No,  the Democrat party needs that waste of your money to keep them in power. who needs defense? who needs a growing economy, who needs jobs anyway? Nanny Big Government will provide for all… Just like the now defunct Soviet Union… Remember them?

Hide the truth from the people … It’s what Democrats do always. How about “bending the cost curves down”. How’s that working out for you.

Newsmax writes:

The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and business investment.

The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That was a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.

Economists said the drop in gross domestic product wasn’t as bleak as it looked. The weakness was mainly the result of one-time factors. Government spending cuts and slower inventory growth, which can be volatile, subtracted a total of 2.6 percentage points from GDP.

But the fact that the economy shrank at all, combined with much lower consumer confidence reported Tuesday, may raise fears about the economy’s durability in 2013. That’s because deep automatic government spending cuts will cut into domestic and defense programs starting in March unless Congress reaches a deal to avert them.

Hey wait, didn’t the fiscal cliff deal fix all that? I guess not, the mod=ney raised from the millionaires and billionaires, didn’t do anything, the the Superstorm(LOL, it wasn’t even a hurricane)  relief bill already spent all that yesterday, and $10 billion more to boot. Mostly on lard.

My home was direct hit in 2005, by a 130 mph hurricane, so I know something about them. First hand knowledge.

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